Freshworks (NASDAQ:FRSH) Price Target Lowered to $22.00 at Piper Sandler

Freshworks (NASDAQ:FRSH) had its price objective lowered by Piper Sandler from $28.00 to $22.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Wolfe Research raised shares of Freshworks from a peer perform rating to an outperform rating and set a $27.00 price target on the stock in a research report on Tuesday, February 20th. Morgan Stanley decreased their price target on Freshworks from $24.00 to $22.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Jefferies Financial Group raised shares of Freshworks from a hold rating to a buy rating and boosted their price target for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Robert W. Baird cut Freshworks from an outperform rating to a neutral rating and dropped their price objective for the company from $28.00 to $16.00 in a research note on Thursday. Finally, JMP Securities increased their price target on shares of Freshworks from $25.00 to $29.00 and gave the stock a market outperform rating in a research report on Wednesday, February 7th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Freshworks has a consensus rating of Moderate Buy and an average price target of $22.59.

Freshworks Price Performance

FRSH traded down $0.64 on Thursday, reaching $14.03. 6,974,887 shares of the company’s stock were exchanged, compared to its average volume of 3,264,107. Freshworks has a twelve month low of $12.22 and a twelve month high of $24.98. The stock has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88. The stock’s fifty day moving average price is $18.29 and its 200-day moving average price is $19.97.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The business had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. As a group, research analysts predict that Freshworks will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Freshworks

In related news, Director Roxanne S. Austin sold 6,303 shares of Freshworks stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now directly owns 88,431 shares in the company, valued at approximately $1,904,803.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the sale, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now owns 19,991 shares in the company, valued at $361,437.28. The disclosure for this sale can be found here. Insiders have sold 460,792 shares of company stock worth $9,408,403 over the last three months. Insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Several institutional investors and hedge funds have recently added to or reduced their stakes in FRSH. Neo Ivy Capital Management purchased a new position in Freshworks during the third quarter worth about $81,000. Quest Partners LLC acquired a new stake in shares of Freshworks in the 4th quarter valued at approximately $166,000. Steph & Co. purchased a new stake in shares of Freshworks in the first quarter valued at approximately $201,000. Jasper Ridge Partners L.P. acquired a new position in Freshworks during the third quarter worth $217,000. Finally, Northside Capital Management LLC acquired a new stake in Freshworks in the fourth quarter valued at $226,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.